Long-duration contracts: Implementation issues

KPMG professionals discuss survey results of insurance entities issuing long-duration contracts and operational considerations of implementing ASU 2018-12, Long-duration contracts.

Applicability

ASU 2018-12

• Insurance entities within the scope of ASC 944 that issue long-duration contracts
• Not applicable to policyholders of long-duration contracts
• Not applicable to non-insurance entities

Contents

• Results of surveys performed: Insurance entities implementing ASU 2018-12, Long-duration contracts
• Business and operational challenges associated with implementation, including data, processes and internal controls